B

LOAN SUMMARY | 2361 Heritage Park Circle, Kennesaw, GA 30144

BORROWER

TIG Custom Homes, LLC
Michael Jorge - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
12%
21 months
69.6%
$91,680
0
Purpose
Loan Position
Total Loan Amount
Loan Status
New Construction
First Lien
$91,680
Repaid on 03/06/2024
Started on
Funded on
Repaid on
Matures on
10/16/2023
02/01/2024
03/06/2024
07/15/2025

LOAN UPDATES

GROUNDFLOOR - 2/9/2024

A draw has been approved. The project is now 100% complete.

GROUNDFLOOR - 1/29/2024

A draw has been approved. The project is now 91% complete.

GROUNDFLOOR - 1/17/2024

A draw has been approved. The project is now 84% complete.

GROUNDFLOOR - 12/15/2023

Per borrower, renovations are ongoing.

GROUNDFLOOR - 11/16/2023

Per borrower, renovations are ongoing.

GROUNDFLOOR - 10/26/2023

Per borrower, construction has started on the project.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$395,000
Total Project Costs
$325,040
$69,960
GROUNDFLOOR
$275,040
$50,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$20,000
Purchase Date
10/16/2023
Loan To ARV
69.6%
Loan To Total Project Cost
84.6%

Grade Factors

The following factors determine in part how the loan was graded:
(in descending order of importance)
Loan To ARV Score
4
10
Quality of Valuation Report
4
4
Skin-in-the-Game
2
10
Location
4
8
Borrower Experience
5
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$395,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

2361 HERITAGE PARK CIRCLE, KENNESAW, GA 30144
The Borrower intends to use the loan proceeds to complete a new construction. Upon completion, the Borrower intends to sell the property to repay the Groundfloor loan.

PROPERTY PHOTOS

MISCELLANEOUS

PROJECT SPECIFIC RISK FACTORS
  • The Borrower was advanced the money it needs to begin construction of this property on October 16, 2023 by Groundfloor Finance Inc. (“Groundfloor,” “we,” “us,” or “our”) or a wholly-owned subsidiary of Groundfloor. The Borrower has begun construction of the property. If this offering is fully subscribed, Groundfloor will continue to administer and service the loan as further described in the Offering Circular.
  • The construction of the property may be extensive, and therefore subject to delays and other unexpected issues.
  • The construction will require permitting, and permits may not be obtained on time or may be denied.
  • There is no existing structure on this property, or if there is, it will be demolished, and a new structure built in its place.
  • This LRO represents the second draw for the construction project and is secured by an individual note.
  • There will be multiple LROs on this project, each representing subsequent draws. The LROs will range from $91,000 to $92,000. The Financial Overview box represents the aggregate amount of all LROs to be secured by this property, giving a complete financial picture of the project.
  • Each draw on this project is structured as an individual LRO. We will fund each draw from our own capital or credit facilities as and when requested by the Borrower, provided conditions for each draw are met as described in our Offering Circular. Once a draw has been approved and funded, we will then sell the corresponding series of LROs on our platform, each of which will be due 21 months from the time such series of LRO is deemed issued, as described in our Offering Circular. Subsequent draws are expected to be requested every two months from the date we advanced the first draw, but may be requested sooner, or later, depending on the progress of construction.
  • The event of default on one Groundfloor note secured by this property will trigger default on all Groundfloor notes secured by this property. All LRO holders investing in LROs corresponding to notes secured by this property share the same priority in any recovery and recovered proceeds will be distributed on a pro-rata basis.
  • Please consult the Offering Circular